Jackpot! Microsoft has announced that its Dynamics 365 Business Central and Dynamics NAV solutions are now officially recognized by the United Kingdom.
In other words, the two solutions are on the list of software products that support the HMRC Making Tax Digital initiative — a drive that requires businesses to register, file and pay taxes, as well as update their information in the UK using a new online tax account.
Søren Friis Alexandersen, Senior Program Manager, Dynamics 365 Business Central and NAV talked about this in a blog post:
“HMRC is maintaining a list of software products that support Making Tax Digital and we are pleased to inform new and existing customers that Dynamics 365 Business Central and Dynamics NAV are now on the list. This means that the HMRC has been presented with a demo of our solution and confirmed our tests with integrating to their APIs.”
Some of the features of these Microsoft products that support Making Tax Digital include visibility into VAT obligations, where it retrieves and stores these details and lets businesses know about which periods should be reported and when.
The platform can also create VAT returns based on VAT obligations.
It also reminds users of upcoming VAT obligations, and lets them know when there is an upcoming VAT return so that businesses no longer forget to file their returns.
Companies can also view their VAT liabilities and payment through APIs, while the software also retrieves the details and lets users view them inside Microsoft Dynamics 365 Business Central. This provides a complete overview of the VAT payment status with the HMRC.
These features are set for release with the December update of D365 BC and NAV, and the functionality may vary from version to version.
Take a look at what Microsoft Dynamics 365 Business Central is all about here.